Nowhere Safe_Civilians Under Attack in South Sudan

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6JQWUCPFUQHRGQRNGJCXGFKGFCUCTGUWNVQHVJGXKQNGPEG#VVJGVKOGVJKUTGRQTV
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0CVKQPCN4GEQPEKNKCVKQP%QPHGTGPEGVJCV4KGM/CEJCTJCFURGCTJGCFGFCPF
EJCKTGF+P,WN[2TGUKFGPV-KKTFKUOKUUGFJKUGPVKTGECDKPGVKPENWFKPIVJGP8KEG
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5CNXC-KKToUQRGPKPIURGGEJYJKEJ4KGM/CEJCTFGUETKDGFCUpJQUVKNGqCPFQHHGTKPI
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55*4%
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EQPVTQNQH$QTVQYPHQTCYGGMHTQO&GEGODGTWPVKN&GEGODGTYJGP
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IQXGTPOGPV7RRGT0KNGUVCVGKUCNUQJQOGVQ5QWVJ5WFCPoUVJKTFNCTIGUVGVJPKE
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CHGYKPFKXKFWCNUEQPPGEVGFVQQRRQUKVKQPHKIJVGTUTGOCKPKPIKPVQYP5QOG
RGQRNGOQUVN[5JKNNWMCPF&KPMCCPFCUOCNNGTPWODGTQH0WGTYGTGUJGNVGTKPIKP
VJGRTQVGEVKQPUKVGQHVJG70/+55DCUGCVVJGGFIGQHVQYP6JGTGUVJCFHNGFVQ
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IQPGVQVJGQRRQUKVKQPUVTQPIJQNFQH0CUKTVQVJGUQWVJGCUV
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1HHKEKCNUGORJCUK\GVJCVVJGEQPHNKEVYCUVTKIIGTGFD[CPCVVGORVGFEQWRVJCVVJG
CNNGIGFEQWREQPURKTCVQTUECOGHTQOCTCPIGQH5QWVJ5WFCPoUGVJPKEITQWRUCPF
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UKIPGFCPFVJGEQPHNKEVJCUTCIGFQP
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YJKNGVTCXGNNKPIHTQO,CW0[CYCNYCUCOQPICITQWRQHYQOGPYJQYGTG
TCRGFKP2CNQR5JGUCKFp+YCUVJTGGOQPVJURTGIPCPVDWVDGECWUG+YCUTCRGFD[
UQOCP[OGPVJGDCD[ECOGQWV+H+JCFTGHWUGFVJQUGRGQRNGVJG[YQWNFJCXG
MKNNGFOG0KPGOGPTCRGFOG6JG[YGTG&KPMCq+PVGCTUUJGTGEQWPVGFVJCV
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FKGFCUCTGUWNV#[GCTQNFOQVJGTQHHQWTYJQYCUKPVJGUCOGITQWRQHYQOGP
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QWVUKFGCPFYJGPVJG[HKPKUJGFUJGNQUVJGTDCD[5JGYCUET[KPICPFUC[KPI
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DGNKGXGUVJCVWRVQYQOGPCPFIKTNUYGTGTCRGFFWTKPIVJGCVVCEM
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5JGFKGFCHGYFC[UNCVGT&WQNYCUCNUQKP)GCTCPFJKFKPVJGDWUJGUFWTKPIC
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0QYJGTG5CHG %KXKNKCPUWPFGTCVVCEMKP5QWVJ5WFCP
6JQWIJOQUVEKXKNKCPUJCFNGHV/CNCMCND[VJGGPFQH(GDTWCT[UGXGTCNJWPFTGF
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EJWTEJYGTGCDFWEVGFD[QRRQUKVKQPHQTEGUVJGPKIJVQH(GDTWCT[CPFTCRGF
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CNUQJKVOGQPVJGDCEMq6JGUQNFKGTUVQQMJGTFCWIJVGTVQCJQWUGCPFTCRGFJGT
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6JGIKTNUYGTGUGRCTCVGFCPFVJGPTCRGFD[HQWT0WGTOGP5JGYCUJGNFHQT
CRRTQZKOCVGN[VJTGGJQWTUDGHQTGUJGCPFVYQQVJGTIKTNUOCPCIGFVQGUECRGVQVJG
70/+55DCUG
6*'(6(41/%+8+.+#05
2CVKGPVUCPFEKXKNKCPUVCMKPITGHWIGCV/CNCMCN6GCEJKPI*QURKVCNGPFWTGFUGXGTCN
FC[UDGVYGGPCPF(GDTWCT[FWTKPIYJKEJITQWRWRQPITQWRQH9JKVG#TO[
UQNFKGTUCTTKXGFFGOCPFKPIOQPG[CPFOQDKNGRJQPGUCPFMKNNKPIRGQRNG1P
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UKEMCPFUQOGGNFGTN[RGQRNGTGOCKPGFCNQPIYKVJCHGYECTGIKXGTU
4GDGEECYCUNQQMKPICHVGTJGTFCWIJVGTYJQYCUCFOKVVGFCVVJGJQURKVCNYJGP
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75&+JCFFKXKFGFO[OQPG[UQQPVJGUGEQPFFC[+CNUQICXG
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2CVKGPVUYGTGPQVURCTGF1PGEJTQPKECNN[KNNRCVKGPVYJQJCFDGGPCFOKVVGFVQ
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OQDKNGRJQPGUCPFHQQFCNUQ6JGUGEQPFFC[VJG[MKNNGFRGQRNGKPENWFKPICRCVKGPV
KPVJGDGFPGCTOG6JCVFC[VJG[VQQMO[ENQVJGUq
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TCPVQVJGJQURKVCNYGRCKFVYQTGDGNUVQVCMGWUVQ70/+556JG[FKFPoVYCPVVQ
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75&VQ
CEEQORCP[WU6JGTGYGTGQHWUYQOGPCPFIKTNU9JGPYGTGCEJGFVJG
70/+55ICVGKVYCUENQUGFUQYGUNGRVWPVKNOQTPKPIYJGPVJG[QRGPGFVJGICVGUq
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VCTIGVGF0[CDGEJ[GCTUQNFJCFUQWIJVTGHWIGKPVJG2TGUD[VGTKCP%JWTEJKP
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(GDTWCT[5QOGECOGVJTQWIJVJGFQQTQVJGTUQXGTVJGYCNN6JG[UVCTVGFIQKPI
VJTQWIJGXGT[VJKPIGXGPRGQRNGoUENQVJGUVJTQYKPIVJGOGXGT[YJGTG1PGOCPVQQM
5QWVJ5WFCPGUGRQWPFU
75&HTQOOG6JGCTOGFOGP
QRRQUKVKQP
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#OPGUV[+PVGTPCVKQPCN/C[
0QYJGTG5CHG
%KXKNKCPUWPFGTCVVCEMKP5QWVJ5WFCP
HQTEGUCPFYJKVGCTO[YGTGUJQQVKPIIWPUWRKPVJGCKTCPFUVCTVGFDGCVKPIRGQRNG
YKVJVJGDWVVQHCIWP1PGQHVJGRCUVQTUYCURTC[KPICUVJG[DGCVJKOq/GODGTU
QHVJG9JKVG#TO[YQWNFXKUKVVJGEJWTEJGURGTKQFKECNN[GCEJVKOGFGOCPFKPI
RTQRGTV[CPFJCTCUUKPIEKXKNKCPU
6JGEQOOCPFGGTKPIQHXGJKENGUKUTGRQTVGFVQJCXGDGGPOCKPN[ECTTKGFQWVD[,'/
YJQYGTGFGUETKDGFCUDGKPIpJWPIT[HQTXGJKENGUq0JKCN[GCTUQNFUCKFJGJCF
JKFFGPJKUXGJKENGKPUKFGVTGGUCPFTGGFUKP)CPFQTp+HVJG[FKFPQVHKPFVJGMG[UVQ
CECTVJG[RWNNGFKVQTVJG[UJQVCVKVCPFVJGPLQKPGFVJGYKTGUUQKVYQWNFUVCTVq
5QOGYJQYGTGYCVEJKPIHTQOVJGKUNCPFUVJG[JCFHNGFVQYKVPGUUGFXGJKENGU
DGKPIVCMGPKPVJKUYC[#EEQTFKPIVQCYKVPGUUQPGFQEVQTYJQVTKGFVQOQXGJKU
XGJKENGYCUUJQVD[OGODGTUQH,'/DGHQTGVJG[VQQMVJGXGJKENG5QOGQHVJGUG
EQOOCPFGGTGFXGJKENGUKPENWFKPIQPGHTQOCNQECNEJWTEJYGTGKOOGFKCVGN[
OQWPVGFYKVJOCEJKPGIWPU
%QORQWPFQH%JTKUV6JG-KPI%JWTEJKP/CNCMCN…#OPGUV[+PVGTPCVKQPCN
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n6JG[ECOGVJG[VQQMo
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5KPEG5QWVJ5WFCPICKPGFTGIKQPCNCWVQPQO[KPKVUVGPUVCVGECRKVCNUJCXG
DGGPVJGHQEWUQHKPXGUVOGPVKPKPHTCUVTWEVWTGCPFOQXCDNGCUUGVUD[IQXGTPOGPV
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QVJGTCTGCUCHHGEVGFD[VJGEQPHNKEVXKTVWCNN[CNNRTQITGUUKPFGXGNQROGPVJCUPQY
DGGPNQUV)QXGTPOGPVCPFQRRQUKVKQPHQTEGUJCXGGPICIGFKPTCORCPVNQQVKPICPF
FGUVTWEVKQPQHEKXKNKCPJQOGUDWUKPGUUGUCPFRWDNKEKPUVKVWVKQPU6JG[JCXG
FGOQPUVTCVGFCEQORNGVGFKUTGICTFHQTEKXKNKCPQDLGEVUNGCXKPIPQVJKPIQHXCNWGKP
VJGKTYCMG
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UJGGVKPI$CPMUCPFDWUKPGUUGUYGTGNQQVGF1VJGTCTGCUQH,QPINGKUVCVGYGTGCNUQ
FGUVTQ[GF#EEQTFKPIVQ/C[GP0IQTCIQXGTPOGPVQHHKEKCNHTQO&WMEQWPV[VJG
9JKVG#TO[GPICIGFKPNQQVKPICPFFGUVTWEVKQPQHRTQRGTV[FWTKPICPCVVCEMQP&WM
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JQURKVCNe5EJQQNOCVGTKCNUYGTGNQQVGF6JG[CNUQVQQMRGQRNGUoECVVNG.KXGNKJQQFU
YGTGFGUVTQ[GFq#VGCEJGTHTQOVJGUCOGCTGCUCKFJGUCYOGODGTUQHVJG9JKVG
#TO[NQQVVJGEQWPV[EQOOKUUKQPGToUQHHKEGKP/CTGPIp9JGPVJG[YGTGIQKPIDCEM
VQ#[QFYGUCYVJGOVCMKPIVCDNGUCPFEJCKTUCPFEQORWVGTUq
'NK\CDGVJYCUKPJGTJQWUGKP$CKFKVUQWVJQH$QTYJGPQRRQUKVKQPHQTEGUCVVCEMGF
QP&GEGODGT5JGTCPVQETQUUVJGTKXGTCPFJKFGKPVJGUYCORU9JGPUJG
NQQMGFDCEMUJGUCYKPVJGFKUVCPEGVJCVJQOGUYGTGQPHKTGp6JG[VQQM
OCVVTGUUGUDGFUCPFDGFUJGGVU1WTNKXGUFGRGPFGFQPECVVNGDWVVJG[VQQMCNNQH
VJGOCUYGNNCUVJGIQCVU6JG[CNUQDWTPGFVJGUQTIJWOKPQWTITCPCTKGUq#
[GCTQNFOCPHTQOVJGUCOGXKNNCIGVQNF#OPGUV[+PVGTPCVKQPCNVJCVCNVJQWIJJGJCF
TGEGPVN[TGVWTPGFp0QYVJGTGKUPQRNCEG+ECPECNNJQOGKP$CKFKV6JGTGCTGPQ
JQWUGUVJGTG+LWUVJCXGDGGPNKXKPIWPFGTCVTGGe.KHGKUURQKNGFq
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DWTPGF1HVJGHGYECTUTGOCKPKPIKP$GPVKWOQUVCTGOKUUKPINKEGPUGRNCVGU
OQWPVGFYKVJOCEJKPGIWPUQTRNCUVGTGFYKVJOWF1RRQUKVKQPHQTEGUGPICIGFKP
NQQVKPIYJGPVJG[VQQMEQPVTQNQH$GPVKWQP&GEGODGT1P,CPWCT[YJGPVJG
IQXGTPOGPVTGECRVWTGF$GPVKWIQXGTPOGPVHQTEGUECTTKGFQWVNCTIGUECNGDWTPKPI
FGUVTWEVKQPCPFNQQVKPIYJKEJYKVPGUUGUUC[YCUFGNKDGTCVG
$GPLCOKPYCUKPVJG70/+55RTQVGEVKQPUKVGCURTQIQXGTPOGPVHQTEGUKPENWFKPI
GNGOGPVUQH,'/GPVGTGFVJGVQYPp6JGVTQQRUGPVGTGFHTQOVJG0QTVJ%KXKNKCPU
CPFHQTOGTOKNKVCT[RGTUQPPGNRWUJGFFQYPVJGICVGQH70/+55CPFLQKPGFVJG
HKIJV5QOGYGTGJCPFGFRCPICU
OCEJGVGUq4WDMQPCCVQYPVQVJGPQTVJQH
$GPVKWYCUCNOQUVEQORNGVGN[FGUVTQ[GFCUYGTGNCTIGCTGCUQH$GPVKW/CTMGVU
UJQRUCPFCKFCIGPEKGUYGTGNQQVGFCPFOCP[YGTGTC\GFVQVJGITQWPF
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#OPGUV[+PVGTPCVKQPCN/C[
0QYJGTG5CHG
%KXKNKCPUWPFGTCVVCEMKP5QWVJ5WFCP
/QUV0WGTTGUKFGPVUHNGF$GPVKWDGHQTGKVYCUTGECRVWTGFD[VJGIQXGTPOGPVQP
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GXGT[VJKPIKPJGTJQWUGYCUUVKNNVJGTG$WVYJGPUJGTGVWTPGFKP/CTEJp6JGTGYCU
PQVJKPIKPO[JQOG'XGT[VJKPIYCUIQPGKPENWFKPIVJGDGFCPFCNNO[ENQVJGU
6JGTGYCUPQVJKPI+HVJG&CTHWTKQT&KPMCUQNFKGTUHQWPFCP[PKEGVJKPINKMGC
OCVVTGUUVJG[VQQMKV6JGEKXKNKCPUYQWNFVCMGCP[VJKPIGXGPVJKPIUNKMGHNQQT
OCVUq
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IQXGTPOGPVECOGVQVCMGVJGVQYP+OGVVJGO6JGRGQRNGYJQECOGYGTG
&CTHWTKVJG[ECOGKPVQVQYPQPe,CPWCT[+OGVVJGOCPFYCUUJQVQPVJG
VJ+JCFUQOGOQPG[JG=VJGUQNFKGT?VQQMKVCPFRWVVJGOQPG[KPVQJKULCEMGV
6JGP+YCUUJQV=KPVJGWRRGTNGHVJKR?CPF+HGNNFQYP9JGP+YQMGWR+VTKGFVQ
NGCXGCNNO[RTQRGTV[YCUVCMGP+HCJQWUGYCUNQEMGFVJG[YQWNFUJQQVCVVJG
FQQTCPFVJGPVCMGCNNVJGVJKPIUKPUKFG6JG[YQWNFEJGEMVQUGGKHUQOGQPGYCU
KPUKFG6JGPVJG[YQWNFUGVKVQPHKTG6JG[WUGFNKIJVGTUVQUGVVJGJQOGUQPHKTG+H
UQOGQPGJCRRGPGFVQDGKPVJGJQWUGCPFVJGPECOGQWVVJG[YQWNFMKNNVJCV
RGTUQP6JGYJQNGCTGCCTQWPFO[JQWUGYCUDWTPGFq
)QXGTPOGPVHQTEGUKPENWFKPIGNGOGPVUQH,'/GPVGTGF/KTOKTKP7PKV[UVCVGPQTVJ
QH.GGTCVVJGGPFQH,CPWCT[6JG[YGTGDWTPKPICPFNQQVKPIJQWUGUOCTMGVUCPF
XKNNCIGUCUVJG[YGPV#OPGUV[+PVGTPCVKQPCNYCUVQNFVJCVVJG[DWTPGFJQWUGUD[
UJQQVKPICVVJGVJCVEJGFTQQHKPI
6JGCVOQURJGTGYCUVGPUGKPVJGFC[URTGEGFKPIVJGIQXGTPOGPVCVVCEMQP.GGT
%QOOCPFGTUQHVJGQRRQUKVKQPHQTEGUVJTGCVGPGFNQECNOKUUKQPCTKGUCPFCVVGORVGF
VQNQQVVJGKTRTQRGTV[#UIQXGTPOGPVHQTEGUCRRTQCEJGFDQVJQRRQUKVKQPHQTEGUCPF
EKXKNKCPUCNKMGTGRQTVGFN[NQQVGFOCTMGVUCPFQVJGTRTQRGTV[DGHQTGCDCPFQPKPIVJG
VQYP
5KOQP[GCTUQNFCTTKXGFKP.GGTCVVJGGPFQH,CPWCT[p6JGTGYCUPQQPGVJGTG
KVYCUEQORNGVGN[GORV[6JGTGYGTGUQOGOKUUKQPCTKGUKPVJGEJWTEJCPFKPVJG
JQURKVCNVJGTGYGTGUQOGRCVKGPVUYJQEQWNFPoVYCNM6JCVUCOGFC[+YGPVVQ
)CPFQT9JGPVJGIQXGTPOGPVGPVGTGF.GGTQP,CPWCT[YGJGCTFVJCVVJG[
DWTPGFKVVQCUJGU6JG/5(JQURKVCNYCUFGUVTQ[GFeVJGYJQNGVQYPKPENWFKPIVJG
OCTMGVYCUFGUVTQ[GFq&CXKFUCKFpYJGP52.#CPF,'/GPVGTGF.GGT+YCUPGCTD[
CVO[JQOGKP)WGV+EQWNFJGCTIWPUUJQQVKPI+UVQRRGFYGPVVQO[JQWUGCPF
JKFO[UGNHVJGTG+FKFPoVUGGCP[VJKPIDWVYJGP+ECOGQWVVJG[JCFDWTPGFVJG
CTGCq1PGOCPVQNF#OPGUV[+PVGTPCVKQPCNVJCVIQXGTPOGPVHQTEGUpYGPVVQVJG
UEJQQNCPFNQQVGFIGPGTCVQTUCPFJGCX[OCEJKPGT[VJGTGYCUCEQORWVGTNCDYKVJ
PGYEQORWVGTU6JG[YGTGCNNVCMGPq
)QXGTPOGPVHQTEGURWTUWGFVJGEKXKNKCPUYJQJCFHNGF.GGTKPVQVJGHQTGUV,COGU
UCKFp1PEGVJG[JCFFGUVTQ[GFGXGT[VJKPICPFDWTPGFVJGVQYPVJG[UVCTVGF
HQNNQYKPIVJGEKXKNKCPU6JG[YGTGUJQQVKPITCPFQON[CPFWUKPIXGT[JGCX[CTVKNNGT[
2GQRNGYGTGJKFKPIVJGKTHQQFD[DWT[KPIKVDWVVJGP52.#CPF,'/UCYKVCPFFWI
KVWRq
#OPGUV[+PVGTPCVKQPCN/C[
+PFGZ#(4
0QYJGTG5CHG %KXKNKCPUWPFGTCVVCEMKP5QWVJ5WFCP
5QOGEKXKNKCPURGTKQFKECNN[TGVWTPGFVQ.GGTKPUGCTEJQHHQQF;QWPIGTOGPTGHWUGF
VQIQHQTHGCTQHDGKPIMKNNGFCPF[QWPIGTYQOGPYGTGCHTCKFQHDGKPITCRGFQT
HQTEGFKPVQOCTTKCIG1PGYQOCPTGEQWPVGFVJCVp1PG[GCTQNFOCPOCFG
JKOUGNHNQQMQNFD[UVQQRKPICPFWUKPICUVKEM*GYGPVDCEMVQNQQMHQTHQQFYKVJC
[GCTQNFYQOCP6JG[ECOGDCEMCPFUCKFVJCV,'/CPFVJGIQXGTPOGPVYGTG
UVKNNVJGTGCPFVJCVVJG[JCFDWTPGFGXGT[VJKPIq#PIGNKPCFGUETKDGFYJCVUJGUCY
YJGPUJGRCUUGFVJTQWIJ.GGTYJKNGOQXKPIDCEMVQYCTFU$GPVKWp6JG[DWTPGFVJG
JQWUGUOCFGQHITCUUCPFVJG[DTQMGVJGDWKNFKPIUOCFGQHEQPETGVG6JG[VQQM
CP[VJKPIVQDTGCMVJGOFQYPq
9JGP#OPGUV[+PVGTPCVKQPCNXKUKVGF/CNCMCNKPOKF/CTEJVJGFQQTUQHUJQRUJWPI
QRGPYJKNGRCTVUQHVJGOCTMGVYGTGDWTPGFVQVJGITQWPF1RRQUKVKQPHQTEGUDGICP
NQQVKPI/CNCMCNKP7RRGT0KNGUVCVGQP&GEGODGTYJGPVJG[VQQMEQPVTQN
QHVJGVQYPHQTVJGHKTUVVKOG6JGNQQVKPIEQPVKPWGFWPCDCVGFQXGTVJGHQNNQYKPI
FC[U#PPGYCUKP/CNCMCNCVVJGVKOGCPFUCKFp#UUQQPCUVJGTGDGNUVQQMQXGT
VJGVQYPVJGHKTUVVJKPIVJG[FKFYCUVQIQVQVJGOCTMGVCPFUVCTVNQQVKPI6JG[
NQQVGFNQQVGFNQQVGFVJGYJQNGVQYPCPFVJG[ECNNGFEKXKNKCPUVQEQOGKPVQVJG
VQYPDTGCMCNNVJGUJQRUCPFVCMGCP[VJKPIVJG[EQWNF6JKUNCUVGFHQTVJTGGFC[Uq
#NQECNOKUUKQPCT[FGUETKDGFVJGUEGPGCUUJGYCNMGFVJTQWIJVJGOCTMGVQP
&GEGODGTp+VYCUPQVRQUUKDNGVQKOCIKPGVJCVVJGOCTMGVHWNNQHNKHGCPFOWNVK
EQNQWTGFIQQFUTGCF[HQTVJG%JTKUVOCUUJQRRKPIEQWNFDGCDTWRVN[EJCPIGFKPVQC
FGUGTVNKMGRNCEGYJGTGVJGQRGPFQQTUQHVJGNQQVGFUJQRUTGUGODNGFICRKPI
YQWPFUq
/CNCMCNEJCPIGFJCPFUUGXGTCNVKOGUKPVJGUWDUGSWGPVYGGMU'CEJVKOGVJG
HQTEGUVJCVYGTGKPEQPVTQNNQQVGFCPFDWTPGFEKXKNKCPQDLGEVU%KXKNKCPUCNUQ
RCTVKEKRCVGFCRRCTGPVN[VCMKPICFXCPVCIGQHVJGRTGXCKNKPINCYNGUUPGUU#PPGVQNF
#OPGUV[+PVGTPCVKQPCNVJCVCHVGTQRRQUKVKQPHQTEGUVQQMEQPVTQNQH/CNCMCNQP
,CPWCT[VJG[NQQVGFCPFFGUVTQ[GFEKXKNKCPJQOGUCPFIQXGTPOGPVRTQRGTV[p6JG[
FGUVTQ[GFCNNVJGOKPKUVTKGUCPFIQXGTPOGPVQHHKEGU6JG[VQQMYJCVVJG[EQWNFCPF
YJCVVJG[EQWNFPoVVCMGVJG[FGUVTQ[GF6JG[YQWNFIQVQIQXGTPOGPVQHHKEGUDTKPI
QWVCNNQHVJGHKNGUCPFNKIJVVJGOQPHKTG6JG[VQQMGXGT[VJKPIQWVQHVJG/KPKUVT[
QH+PHTCUVTWEVWTG+PVJG/KPKUVT[QH'FWECVKQPVJG[DTQMGVJGVCDNGU6JG[EQWNFPoV
ECTT[VJGOUQVJG[LWUVDTQMGVJGO6JKUVKOGVJG[CNUQYGPVVQVJGJQWUGUQH
RGQRNG6JG[YGPVHTQOJQWUGVQJQWUGNQQVKPIGXGT[VJKPIq
1P(GDTWCT[QRRQUKVKQPHQTEGUOQUVN[EQORTKUGFQHOGODGTUQHVJG9JKVG
#TO[TGECRVWTGF/CNCMCNCPFECWUGFNCTIGUECNGFGUVTWEVKQP6JG[TCKFGFVJG
JQURKVCNEJWTEJGUCPFQVJGTCTGCUYJGTGRGQRNGJCFVCMGPTGHWIGJCTCUUKPI
DGCVKPICPFMKNNKPIVJGO#NNTGOCKPKPIRTQRGTV[QHCP[CRRCTGPVYQTVJYCUUGK\GF
)QXGTPOGPVHQTEGUDWTPGFJQWUGUYJGPVJG[VQQMEQPVTQNQH/CNCMCNKP,CPWCT[
1RRQUKVKQPHQTEGUCNUQDWTPGFRTQRGTV[QPCNCTIGUECNGYJGPVJG[TGECRVWTGFVJG
VQYPQP(GDTWCT[0[COWOC[GCTQNF5JKNNWMYQOCPUCKFp9JGPVJG
TGDGNUCTTKXGF+YCUCVO[JQOG+HNGFVQO[DTQVJGToUJQWUGPGCTVJGJQURKVCNYKVJ
O[ITCPFEJKNFTGP/[ITCPFEJKNFTGPGUECRGFCETQUUVJGTKXGTVQHKPFUCHGV[CPF+
YCUNGHVCNQPG6JGPGZVOQTPKPICVCO+YCUQWVUKFGYCUJKPI6JGTGDGNUDWTPGFC
PGCTD[CTGC6JGYKPFDNGYCPFVJGJQWUGECWIJVQPHKTG+NGHVVQGUECRGVQVJG
+PFGZ#(4
#OPGUV[+PVGTPCVKQPCN/C[
0QYJGTG5CHG
%KXKNKCPUWPFGTCVVCEMKP5QWVJ5WFCP
JQURKVCN+VYCUQPN[QNFGTRGQRNGNGHVCVVJCVVKOGVJQUGVJCVEQWNFJCFGUECRGF+V
YCULWUVQNFRGQRNGNKMGOGYJGP+YCUIQKPIVQVJGJQURKVCNCNNVT[KPIVQGUECRGVJG
HKTG#U+YCUQPO[YC[+UCYVJGTGDGNUQPVJGTQCFUKFG6JG[VQNFOGPQVVQNQQM
DCEM+JGCTFUJQQVKPIDGJKPFOGDWV+FKFCUVJG[UCKFCPFEQPVKPWGFWPVKN+IQVVQ
VJGJQURKVCNq1RRQUKVKQPHQTEGUDWTPGFOQTGRTQRGTV[LWUVDGHQTGVJGUWEEGUUHWN
IQXGTPOGPVQHHGPUKXGCPFTGECRVWTGQH/CNCMCNQP/CTEJ
6#4)'6+0)1(*7/#0+6#4+#02'45100'.#55'65#0&2412'46;
70CPF0)1RGTUQPPGNCPFHCEKNKVKGUJCXGDGGPUWDLGEVGFVQTGRGCVGFCVVCEMUD[
DQVJIQXGTPOGPVCPFQRRQUKVKQPHQTEGUUKPEGVJGEQPHNKEVDGICP+P,CPWCT[
QHVJGKPEKFGPVUTGRQTVGFD[VJG701HHKEGHQTVJG%QQTFKPCVKQPQH
*WOCPKVCTKCP#HHCKTU
701%*#KPXQNXGFXKQNGPEGCICKPUVJWOCPKVCTKCPCUUGVUCPF
RGTUQPPGN6JGUGCVVCEMUQDUVTWEVGFVJGFGNKXGT[QHJWOCPKVCTKCPCUUKUVCPEG
#VVCEMUCICKPUVJWOCPKVCTKCPRGTUQPPGNCPFCUUGVUFGENKPGFKP(GDTWCT[DWVYGTG
UVKNNQPGQHVJGOCKPKORGFKOGPVUVQVJGFGNKXGT[QHCKF#VNGCUVVJTGG
JWOCPKVCTKCPRGTUQPPGNJCXGDGGPMKNNGFYJKNGPWOGTQWUQVJGTUJCXGDGGP
KPLWTGF
+P$GPVKWDQVJQRRQUKVKQPCPFIQXGTPOGPVHQTEGUCTGDGNKGXGFVQJCXGNQQVGF
JWOCPKVCTKCPCUUGVU#OPGUV[+PVGTPCVKQPCNFQEWOGPVGFQPGKPEKFGPVKPXQNXKPIC
JWOCPKVCTKCPYQTMGT,CNYCUPGCT$GPVKWKP7PKV[UVCVGYJGPIQXGTPOGPVHQTEGU
TGICKPGFEQPVTQNQHVJGVQYPQP,CPWCT[p9JGPVJGUJQQVKPIUVCTVGF+YCU
YCNMKPIJQOG6JTGGXGJKENGUYKVJOCP[52.#UQNFKGTUUVQRRGF6JG[CUMGFYJKEJ
VTKDG+YCUHTQO+VQNFVJGO+YCUPQVCUQNFKGTVJCV+YQTMGFYKVJCJWOCPKVCTKCP
QTICPK\CVKQP6JG[FKFPoVECTGCPFUVCTVGFVQUJQQV6JGTGYGTGVYQQHWUYGYGTG
DQVJUJQVCPFHGNNFQYP/[HTKGPFFKGFCHVGTOKPWVGU6JG[VJQWIJV+YCUFGCF
UQ=VJG[?NGHVOGq,CNYCUUJQVVJTGGVKOGU*GYCUCDNGVQJKFGKPVJGHQTGUVHQT
VYQOQPVJUYJKNGDGKPIECTGFHQTD[RTCEVKVKQPGTUQHVTCFKVKQPCNOGFKEKPG
9JGPIQXGTPOGPVHQTEGUKPENWFKPI&CTHWTKUVQQMEQPVTQNQH.GGTVJG[NQQVGFCPF
CNUQDWTPGFJQOGUCPFQVJGTKPHTCUVTWEVWTG6JG/ÅFGEKPU5CPU(TQPVKÄTGU
/5(
JQURKVCNKP.GGTYCUTCPUCEMGFCPFEQORNGVGN[FGUVTQ[GFKPVJGNCUVFC[UQH,CPWCT[
CPFGCTN[(GDTWCT[CHVGTIQXGTPOGPVHQTEGUVQQMEQPVTQNQHVJGVQYP#NN0)1
CPFEJWTEJEQORQWPFUYGTGCNUQNQQVGFCPFDWTPGF
1P(GDTWCT[C70EJCTVGTGFHNKIJVETCUJGFQP4WDMQPCCKTUVTKRKP7PKV[UVCVG
5QOGQHVJGIQXGTPOGPVHQTEGUYJQYGTGCVVJGUEGPGQHVJGCEEKFGPVTGRQTVGFN[
VJTGCVGPGFCPFDGCVVJGUWTXKXQTUCPFUVCHHCNNQHYJQOYGTGJWOCPKVCTKCPYQTMGTU
#OPGUV[+PVGTPCVKQPCN/C[
+PFGZ#(4
0QYJGTG5CHG %KXKNKCPUWPFGTCVVCEMKP5QWVJ5WFCP
9(2HQQFUVQTGKP/CNCMCNNQQVGFCPFVTCUJGFVJGNQQVKPICPFFGUVTWEVKQPJCUYQTUGPGFCP
CNTGCF[UGXGTGHQQFETKUKU…#OPGUV[+PVGTPCVKQPCN
9QTNF(QQF2TQITCOOG
9(2YCTGJQWUGUKP/CNCMCNYGTGEQORNGVGN[NQQVGFCPF
FGUVTQ[GFKP,CPWCT[YJGPQRRQUKVKQPHQTEGUICKPGFEQPVTQNQHVJGVQYP%KXKNKCPU
RCTVKEKRCVGFKPVJGNQQVKPICEEGNGTCVKPIVJGURGGFCPFUECNGCVYJKEJRTQRGTVKGU
YGTGVCMGP(QQFUWRRNKGUUWHHKEKGPVVQHGGFRGQRNGHQTVJTGGOQPVJUYGTG
TGRQTVGFN[NQQVGFKPNGUUVJCPVJTGGFC[U+PVJGUWTTQWPFKPICTGCU#OPGUV[
+PVGTPCVKQPCNFGNGICVGUUCYUECVVGTGFGORV[VKPUQHQKNtCNNVJCVTGOCKPGF
1XGTJWOCPKVCTKCPXGJKENGUYGTGEQPHKTOGFCUUVQNGPD[/CTEJRTKOCTKN[
KP,QPINGK7PKV[CPF7RRGT0KNGUVCVGUVJQWIJVJGCEVWCNPWODGTEQWNFDGOWEJ
JKIJGT#NNRCTVKGUVQVJGEQPHNKEVCTGTGURQPUKDNGVJQWIJOWNVKRNGYKVPGUUGU
TGRQTVGFVJCVCTOGF&CTHWTKUKPRCTVKEWNCTYGTGEQOOCPFGGTKPIXGJKENGU
)CKCPFOCP[QVJGTUHNGF.GGTYJGPVJG[JGCTFVJCVIQXGTPOGPVHQTEGUYGTG
CRRTQCEJKPI6JG[WNVKOCVGN[UQWIJVUCHGV[QPKUNCPFUKPVJGTKXGT)CKVQQMVJTGG
XGJKENGUDGNQPIKPIVQVJGJWOCPKVCTKCPQTICPK\CVKQPJGYQTMGFHQTCPFJKFVJGOKP
VJGDWUJGUCPFVTGGUDGHQTGUYKOOKPIVQVJGUCHGV[QHCPKUNCPFp+VYCUNCVG
CHVGTPQQPQP(GDTWCT[YJGPIQXGTPOGPVCPF&CTHWTKUGPVGTGFVJGXKNNCIGYGYGTG
JKFKPIKP9GJCFJKFFGPVJGXGJKENGUKPVJGWPFGTITQYVJCPFVJGPGUECRGFVQVJG
+UNCPF5QOGUYCOUQOGVQQMDQCVU5QOGEJKNFTGPEQWNFPQVOCMGKVCPFFKGF
VT[KPIVQETQUU9GYCVEJGFHTQOVJGVTGGUQHVJG+UNCPF6JG&CTHWTKUVQQMVJG
XGJKENGUYGUCYVJGOYKPEJVJGOQWVYKVJVJGKTQYPECTUDGHQTGVJG[UVCTVGF
UJQQVKPIKPFKUETKOKPCVGN[q
+P$GPVKWCPF/CNCMCN#OPGUV[+PVGTPCVKQPCNFGNGICVGUUCYXGJKENGUDGKPIFTKXGP
D[IQXGTPOGPVCPFQRRQUKVKQPHQTEGUKPENWFKPI&CTHWTKUVJCVCRRGCTGFVQJCXGDGGP
UVQNGP6JGKTNKEGPUGRNCVGUJCFDGGPTGOQXGFVJG[JCFXKUKDNGOCTMUQPVJGKTUKFGU
YJGTGVJGTGYGTGNKMGN[QPEG0)1UVKEMGTUQTYGTGRNCUVGTGFYKVJOWFCRRCTGPVN[VQ
+PFGZ#(4
#OPGUV[+PVGTPCVKQPCN/C[
0QYJGTG5CHG
%KXKNKCPUWPFGTCVVCEMKP5QWVJ5WFCP
JKFGCP[KFGPVKH[KPIOCTMKPIU
4'564+%6+10510*7/#0+6#4+#0#55+56#0%'#0&*7/#0+6#4+#0#%%'55
p6JGUWHHGTKPIKUDG[QPFFGUETKRVKQPq
2TKUEKNNC[GCTUQNF7PKV[UVCVG
5KPEGVJGQPUGVQHVJGEQPHNKEVVJGFGNKXGT[QHJWOCPKVCTKCPCUUKUVCPEGJCUDGEQOG
KPETGCUKPIN[FKHHKEWNV#EVUQHQDUVTWEVKQPJCXGEQPVTKDWVGFUKIPKHKECPVN[VQEKXKNKCPUo
KPCDKNKV[VQCEEGUUNKHGUCXKPICUUKUVCPEG6JGTGJCUDGGPCPKPETGCUGKPVJGPWODGT
QHEJGEMRQKPVUCNQPIMG[CEEGUUTQWVGUYJGTGXGJKENGUJCXGDGGPUGCTEJGFCPF
DTKDGUFGOCPFGF6JGEJGEMRQKPVUCTGTGRQTVGFN[RTGFQOKPCPVN[OCPPGFD[
IQXGTPOGPVHQTEGU#EEQTFKPIVQ701%*#CUQH/CTEJOQTGVJCPVTWEMU
ECTT[KPIVQPPGUQHWTIGPVCKFUWRRNKGUYGTGDGKPIJGNFWRCVEJGEMRQKPVU
*GKIJVGPGFVGPUKQPUDGVYGGP70/+55CPFVJGIQXGTPOGPVJCXGTGUWNVGFKP
KPETGCUKPIDWTGCWETCE[UETWVKP[CPFPWOGTQWUEJGEMUYJKEJCVVKOGUJCUNGFVQC
RCTCN[UKUKPCKFFGNKXGT[&WGVQCEVKXGJQUVKNKVKGUCUYGNNCUTGUVTKEVKQPUQP
JWOCPKVCTKCPCEEGUUQHKPVGTPCNN[FKURNCEGFRGQRNGCTGKPCEEGUUKDNG
CEEQTFKPIVQ701%*#9JKNGVJGFGNKXGT[QHCUUKUVCPEGJCUDGEQOGKPETGCUKPIN[
TGUVTKEVGFVJGJWOCPKVCTKCPUKVWCVKQPJCUTCRKFN[FGVGTKQTCVGF
$GHQTGVJGEQPHNKEVGTWRVGFVJGHQQFUGEWTKV[UKVWCVKQPYCUTGNCVKXGN[RTQOKUKPIHQT
OCP[5QWVJ5WFCPGUGNGXGNUQHHQQFUGEWTKV[YGTGVJGDGUVVJG[JCFDGGPKPHKXG
[GCTU/QUVQHVJGEQWPVT[HCEGFOKPKOCNHQQFUGEWTKV[EJCNNGPIGUHTQO1EVQDGT
VQ,CPWCT[QVJGTVJCPKPEQPHNKEVCHHGEVGFCTGCUUWEJCU,QPINGKCPF
#D[GK$WVVJGRGQRNGQH5QWVJ5WFCPCTGPQYHCEKPICECVCUVTQRJKEFGENKPGKP
HQQFUGEWTKV[6JGPWODGTQHEKXKNKCPUYJQCTGPQYECVGIQTKUGFCVCEWVGQT
GOGTIGPE[HQQFKPUGEWTKV[NGXGNUJCUKPETGCUGFHTQOOKNNKQPVQOKNNKQP6JG
70VJG'WTQRGCP7PKQPCPFVJG75#JCXGCNTGCF[YCTPGFVJCVpWPNGUUCEVKQPKU
VCMGPPQYWRVQCOKNNKQPRGQRNGEQWNFHCEGHCOKPGKPCOCVVGTQHOQPVJUq
6JGTCKPUJCXGUVCTVGFGCTN[KP5QWVJ5WFCPYJKEJKUVJGVKOGYJGPHCTOGTURNCPV
VJGKTETQRUQTVJQUGYKVJNKXGUVQEMOKITCVG1PIQKPIXKQNGPEGOGCPURGQRNGCTG
WPCDNGOQXGDCEMVQVJGKTNCPFUGXGPKHKVYGTGUCHGVJG[JCXGNQUVGXGT[VJKPI
6TCFGTQWVGUJCXGDGGPCHHGEVGF6TCPURQTVGTUCTGCHTCKFVQVTCPURQTVIQQFUCPF
OCP[OCTMGVUTGOCKPTCPUCEMGFCPFENQUGF2GQRNGPGGFVQDGCDNGVQCEEGUUVJGKT
NCPFUCPFUGGFUCPFDGCDNGVQRNCPVD[,WPGQTHCOKPGYKNNDGKPGXKVCDNG
6JGOCIPKVWFGQHVJKUVJTGCVKUUWEJVJCVCJWOCPKVCTKCPGOGTIGPE[YCUCEVKXCVGF
QP(GDTWCT[
&GURKVGVJKUKOOKPGPVJWOCPKVCTKCPECVCUVTQRJGD[VJGGPFQH/CTEJQPN[QH
5QWVJ5WFCPoUETKUKUTGURQPUGRNCPHTQO,CPWCT[VQ,WPGJCFDGGPHWPFGF&QPQTU
EQPVKPWGVQDGGZVTGOGN[UNQYVQOCMGVJGPGEGUUCT[HKPCPEKCNEQOOKVOGPVU
#OPGUV[+PVGTPCVKQPCN/C[
+PFGZ#(4
0QYJGTG5CHG %KXKNKCPUWPFGTCVVCEMKP5QWVJ5WFCP
70/+55#0&6*'2416'%6+101(
%+8+.+#05
p6JG70OCPFCVGKUVQRTQVGEVDWVUQOGVKOGUVJG[FQPoVq
,QM[GCTUQNF6JQPI2KP[RTQVGEVKQPUKVG
70/+55KURTQXKFKPIUCPEVWCT[HQTUQOGQHVJGYJQCTGEWTTGPVN[
KPVGTPCNN[FKURNCEGFD[VJGEQPHNKEV6JG[CTGUJGNVGTKPIKPVJGRTQVGEVKQPUKVGUQH
GKIJV70/+55EQORQWPFUCETQUUVJGEQWPVT[CPFOCP[QHVJGOCTGVQQCHTCKFVQ
XGPVWTGDG[QPFVJGICVGU+PQHHGTKPIUCPEVWCT[CPFRTQXKFKPIRTQVGEVKQPHQTVJGUG
KPFKXKFWCNUVJG/KUUKQPJCUWPFQWDVGFN[UCXGFOCP[NKXGU;GVKVJCUHQWPFKVUGNHKP
CPWPRTGEGFGPVGFUKVWCVKQPCPFKPCTQNGHQTYJKEJKVYCUPQVRTGRCTGF6JG/KUUKQP
JCFGPXKUCIGFRGTJCRUDGKPIECNNGFWRQPVQRTQXKFGCVGORQTCT[UCHGJCXGPFWTKPI
KPVGPUGEQPHNKEVCHVGTYJKEJEKXKNKCPUYQWNFTGVWTPVQVJGKTJQOGU$WVPQYUGXGTCN
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JWOCPTKIJVUCPFJWOCPKVCTKCPNCYCPFHCEKNKVCVGJWOCPKVCTKCPCEEGUUECNNHQT
RGTUKUVGPVOGFKCVKQPD[+)#&CPFRTGUUHQTVJG%QOOKUUKQPQH+PSWKT[VQHWNHKNKVU
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VCMGOGCUWTGUVQKORTQXGKVURTQVGEVKQPQHEKXKNKCPU
4'%1//'0&#6+105
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„
'PUWTGOGODGTUQHVJGCTOGFCPFUGEWTKV[HQTEGUKOOGFKCVGN[EGCUGCNN
XKQNCVKQPUQHKPVGTPCVKQPCNJWOCPTKIJVUCPFJWOCPKVCTKCPNCY+PRCTVKEWNCTCNN
HQTEGUUJQWNFKOOGFKCVGN[EGCUGWPNCYHWNMKNNKPIUCEVUQHUGZWCNXKQNGPEGCPFCP[
QVJGTCVVCEMUQPEKXKNKCPUNQQVKPICPFFGUVTWEVKQPQHRWDNKECPFRTKXCVGRTQRGTV[
CPFCEVUVJCVQDUVTWEVJWOCPKVCTKCPCEEGUU
„
'PUWTGOGODGTUQHVJGCTOGFCPFUGEWTKV[HQTEGUKOOGFKCVGN[EGCUGXKQNGPEG
CICKPUVJWOCPKVCTKCPRGTUQPPGNCUUGVUCPFQVJGTQDUVTWEVKQPUVQJWOCPKVCTKCP
CUUKUVCPEG)TCPVKOOGFKCVGCPFWPJKPFGTGFCEEGUUVQCNNCTGCUQH5QWVJ5WFCPVQ
70CIGPEKGUCPFKPVGTPCVKQPCNJWOCPKVCTKCPQTICPK\CVKQPUHQTVJGRWTRQUGUQH
RTQXKFKPICUUKUVCPEGVQEKXKNKCPUCHHGEVGFD[VJGEQPHNKEV
„
2WVKPRNCEGOGCUWTGUVQRTGXGPVHWTVJGTXKQNCVKQPU+PRCTVKEWNCTVJG
IQXGTPOGPVUJQWNFGPUWTGVJCVOGEJCPKUOUGZKUVHQTOQPKVQTKPIVJGEQPFWEVQH
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VQGPUWTGVJCVVJG[CTGCYCTGQHYJCVEQPFWEVKURTQJKDKVGF
„
4GOQXGHTQOVJGTCPMUCP[QPGUWURGEVGFQHTGURQPUKDKNKV[HQTQTFGTKPIQT
EQOOKVVKPIXKQNCVKQPUQHKPVGTPCVKQPCNJWOCPKVCTKCPNCYCPFJWOCPTKIJVUCDWUGU
„
+PKVKCVGRTQORVGHHGEVKXGCPFKORCTVKCNKPXGUVKICVKQPUKPVQCNNCNNGICVKQPUQH
JWOCPTKIJVUCPFJWOCPKVCTKCPNCYXKQNCVKQPUKPENWFKPIQHKPFKXKFWCNUKPEQOOCPF
#OPGUV[+PVGTPCVKQPCN/C[
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0QYJGTG5CHG %KXKNKCPUWPFGTCVVCEMKP5QWVJ5WFCP
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FGHGPFCPVUEWTTGPVN[HCEKPIRTQUGEWVKQPKPVJGOKNKVCT[EQWTVUVQVJGEKXKNKCPLWUVKEG
U[UVGO
„
'PUWTGVJCVOGODGTUQHVJGCTOGFHQTEGUVCMGCNNHGCUKDNGRTGECWVKQPUYJGP
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FKURTQRQTVKQPCVGCVVCEMU+PRCTVKEWNCTHQTDKFVJGWUGQHCTVKNNGT[QTQVJGTKORTGEKUG
YGCRQPUKPRNCEGUYJGTGEKXKNKCPUOC[DGNQECVGFYKVJKPTCPIG
„
7TIGPVN[GUVCDNKUJRTQVGEVKQPOGCUWTGUHQTKPVGTPCNN[FKURNCEGFRGQRNGUYKUJKPI
VQNGCXG70/+55RTQVGEVKQPUKVGU
„
2TQXKFGKOOGFKCVGCPFGHHGEVKXGUWRRQTVCPFRTQVGEVKQPVQUWTXKXQTUQHJWOCP
TKIJVUXKQNCVKQPU
„
'PUWTGVJCVVJGRTGUKFGPVKCNRQNKEGCPF52.#KPXGUVKICVKQPEQOOKVVGGUCTG
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EQPFWEVKPXGUVKICVKQPUYKVJCXKGYVQKFGPVKH[KPICPFRTQUGEWVKPICNNGIGF
RGTRGVTCVQTU
„
5WRRQTVVJG5QWVJ5WFCP*WOCP4KIJVU%QOOKUUKQP
55*4%KPECTT[KPIQWV
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55*4%OQPKVQTUCTGCUUWTGFHTGGFQOQHOQXGOGPVCPFWPJKPFGTGFCEEGUUVQ
EQPHNKEVCHHGEVGFCTGCU
„
%QQRGTCVGHWNN[YKVJVJG#7%QOOKUUKQPQH+PSWKT[)TCPVVJG%QOOKUUKQPHWNN
CPFWPJKPFGTGFCEEGUUVQCTGCUWPFGTIQXGTPOGPVEQPVTQNCPFGPUWTGVJGUGEWTKV[
QHFGNGICVGU
„
#NNQYKOOGFKCVGCPFWPJKPFGTGFCEEGUUVQKPVGTPCVKQPCNJWOCPTKIJVUOQPKVQTU
KPENWFKPI70OQPKVQTUVQCNNEQPHNKEVCHHGEVGFCTGCUKP5QWVJ5WFCP
„
6CMGEQPETGVGUVGRUVQUVQRVJGRTQNKHGTCVKQPQHYGCRQPUKPENWFKPIKOOGFKCVG
UVGRUVQUCHGN[UVQTGCNNPCVKQPCNUVQEMRKNGUQHVJGCTOGFHQTEGURQNKEGCPFCP[QVJGT
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616*'52./#+012215+6+10#0&+65#..+'&(14%'5
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NCY+PRCTVKEWNCTCNNHQTEGUUJQWNFKOOGFKCVGN[EGCUGWPNCYHWNMKNNKPIUCEVUQH
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CUUKUVCPEG)TCPVKOOGFKCVGCPFWPJKPFGTGFCEEGUUVQCNNCTGCUQH5QWVJ5WFCPVQ
70CIGPEKGUCPFKPVGTPCVKQPCNJWOCPKVCTKCPQTICPK\CVKQPUHQTVJGRWTRQUGUQH
RTQXKFKPICUUKUVCPEGVQEKXKNKCPUCHHGEVGFD[VJGEQPHNKEV
„
6CMGEQPETGVGUVGRUVQGPUWTGVJCVHKIJVGTUEQORN[HWNN[YKVJKPVGTPCVKQPCNNCY
KPENWFKPID[RWDNKEN[EQPFGOPKPIHTQOVJGJKIJGUVNGXGNQHNGCFGTUJKRCNNWPNCYHWN
MKNNKPIUUGZWCNCUUCWNVUCPFQVJGTCVVCEMUQPEKXKNKCPUHQTEGFFKURNCEGOGPV
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KPVGTPCVKQPCNJWOCPKVCTKCPNCYEQOOKVVGFD[VJGKTHQTEGUsOCMKPIKVWPGSWKXQECNN[
ENGCTVJCVCP[QPGTGURQPUKDNGHQTCDWUGUYKNNDGJGNFCEEQWPVCDNG
„
4GOQXGHTQOVJGTCPMUCP[QPGUWURGEVGFQHTGURQPUKDKNKV[HQTQTFGTKPIQT
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„
2WVKPRNCEGOGCUWTGUVQRTGXGPVHWTVJGTXKQNCVKQPU+PRCTVKEWNCTCTOGFITQWRU
UJQWNFGPUWTGVJCVOGEJCPKUOUGZKUVHQTOQPKVQTKPIVJGEQPFWEVQHVJGKTHQTEGU
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GPUWTGVJCVVJG[CTGCYCTGQHYJCVEQPFWEVKURTQJKDKVGF
„
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KPENWFKPIVJG#7%QOOKUUKQPQH+PSWKT[2TQXKFGVJG%QOOKUUKQPHWNNCEEGUUVQ
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616*'705'%74+6;%170%+.
„
#OGPFVJGOCPFCVGQH70/+55CUUQQPCURQUUKDNGVQHQEWUQPRTQVGEVKQPQH
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„
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„
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„
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„
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„
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„
6CMGCEVKQPVQGPUWTGVJGUGEWTKV[QHYKVPGUUGUXKEVKOUCPFKPVGTOGFKCTKGUCPF
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„
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„
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„
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„
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701%*#p5QWVJ5WFCP*WOCPKVCTKCP$WNNGVKPq/CTEJ
JVVRICNNGT[OCKNEJKOREQOHEFFFGGEDGDGHKNGU1%*#A5QWVJA5WFCPA/QP
VJN[A*WOCPKVCTKCPA$WNNGVKPA/CTEJARFHCEEGUUGF#RTKNp.QCFGF)WPUCPF
'ORV[5VQOCEJU(KZKPIC(QQF%TKUKUCPF2TGXGPVKPIC%CVCUVTQRJGKP5QWVJ5WFCPq#RTKN
JVVRTGNKGHYGDKPVUKVGUTGNKGHYGDKPVHKNGUTGUQWTEGU55WFCPA,QKPV$TKGHKPI0QV
GA.QCFGF)WPU'ORV[5VQOCEJUA$&RFHCEEGUUGF#RTKN
('950'6p5QWVJ5WFCP(QQF5GEWTKV[1WVNQQMq1EVQDGTVQ/CTEJ
JVVRTGNKGHYGDKPVUKVGUTGNKGHYGDKPVHKNGUTGUQWTEGU5QWVJ5WFCP(QQF5GEWTKV[RFH
CEEGUUGF#RTKN
p4GRQTVQHVJG5GETGVCT[)GPGTCNQP5QWVJ5WFCPq/CTEJRCTC
7PKVGF0CVKQPU7PKVGF5VCVGUQH#OGTKEC'WTQRGCP7PKQPp%CNNHQT#EVKQPQP5QWVJ
5WFCPq#RTKN
JVVRUFQEUWPQEJCQTIUKVGUFOU&QEWOGPVU#RTKN5QWVJ5WFCP&GENCTCV
KQPHKPCNRFHCEEGUUGF#RTKN
70/+555VCVGOGPVD[6QD[.CP\GT
*WOCPKVCTKCP%QQTFKPCVQTKP5QWVJ5WFCPp5QWVJ
5WFCP#KF%JKGH%CNNUHQT1PG/QPVJQH6TCPSWKNKV[q#RTKN
JVVRUYYYFTQRDQZEQOUJH[[OUUNNKHMIA6.RTGUUUVCVGOGPVA/QPVJ
QH6TCPSWKNKV[RFHCEEGUUGF#RTKN
p4GRQTVQHVJG5GETGVCT[)GPGTCNQP5QWVJ5WFCPq/CTEJRCTC
6JGTGKUEWTTGPVN[CUJQTVHCNNQHOKNNKQP701%*#p(WPFKPIUJQTVHCNNLGQRCTFK\GUCKF
QRGTCVKQPVQJGNROKNNKQPRGQRNGKP5QWVJ5WFCPq#RTKN
JVVRUFQEUWPQEJCQTIUKVGUFOU5QWVJ5WFCP5QWVJ5WFCP5QWVJ5WFCP
*%5VCVGOGPVA(WPFKPIRTGUUTGNGCUG#RTKNRFH
CEEGUUGF#RTKN
70/+55p7RFCVGq#RTKN
JVVRWPOKUUWPOKUUKQPUQTI2QTVCNUWPOKUU70/+557RFCVG7RFCVGRFH
CEEGUUGF/C[
70/+55p70/+55+UUWGU2TGNKOKPCT[4GRQTVQH#MQDQ$CUG#VVCEMq&GEGODGT
JVVRTGNKGHYGDKPVUKVGUTGNKGHYGDKPVHKNGUTGUQWTEGU70/+55&GERFH
CEEGUUGF#RTKN
70/+55p70/+55%QPFGOPU#VVCEMQP+VU%CORKP$QTq#RTKN
700GYU%GPVTGp&CKN[2TGUU$TKGHKPID[VJG1HHKEGQHVJG5RQMGURGTUQPHQTVJG5GETGVCT[
)GPGTCNq/CTEJJVVRYYYWPQTI0GYUDTKGHKPIUFQEUFDFQEJVO
CEEGUUGF#RTKN
700GYU%GPVTGp*GCX[(KIJVKPIKP5QWVJ5WFCPYQWPFURGQRNGUGGMKPIUJGNVGT
KPUKFG70DCUGq,CPWCT[
JVVRYYYWPQTICRRUPGYUUVQT[CUR!0GYU+&%TUQWVJ$UWFCP%T7C'85
IEL+;CEEGUUGF#RTKN700GYU%GPVTGp5QWVJ5WFCP#OKFHTGUJENCUJGUKP
/CNCMCN70OKUUKQPTCORUWREKXKNKCPRTQVGEVKQPq(GDTWCT[
JVVRYYYWPQTICRRUPGYUUVQT[CUR!0GYU+&7C)S[IEL+;CEEGUUGF/C[
#OPGUV[+PVGTPCVKQPCN/C[
+PFGZ#(4
0QYJGTG5CHG %KXKNKCPUWPFGTCVVCEMKP5QWVJ5WFCP
p4GRQTVQHVJG5GETGVCT[)GPGTCNQP5QWVJ5WFCPq/CTEJRCTC
p4GRQTVQHVJG5GETGVCT[)GPGTCNQP5QWVJ5WFCPq/CTEJRCTC
p4GRQTVQHVJG5GETGVCT[)GPGTCNQP5QWVJ5WFCPq/CTEJRCTC
/ÅFGEKPU5CPU(TQPVKÄTGUp5JCOGHWN#VVKVWFGVQ8WNPGTCDNG&KURNCEGF5JQYPD[
.GCFGTUJKRQH7PKVGF0CVKQPU/KUUKQPKP5QWVJ5WFCP
70/+55.KXGUCV4KUMKH#EVKQP0QV
6CMG+OOGFKCVGN[q#RTKNJVVRYYYOUHQTICTVKENGUJCOGHWNCVVKVWFGXWNPGTCDNG
FKURNCEGFUJQYPNGCFGTUJKRWPKVGFPCVKQPUOKUUKQPUQWVJUWFCPCEEGUUGF#RTKN
700GYU%GPVTGp70QHHKEKCNUEKVGnTCEGCICKPUVVKOGoVQRTGXGPVJWOCPKVCTKCP
ECVCUVTQRJGKP5QWVJ5WFCPq#RTKN
JVVRYYYWPQTICRRUPGYUUVQT[CURUVQT[CUR!0GYU+&%TUQWVJUWFCP%T7
Y-85IEL+;CEEGUUGF#RTKN
7PKVGF0CVKQPU5GEWTKV[%QWPEKN4GUQNWVKQP
54'5
JVVRYYYWPQTIGPICUGCTEJXKGYAFQECUR!U[ODQN54'5
CEEGUUGF#RTKN
705GEWTKV[%QWPEKN4GUQNWVKQP
705GEWTKV[%QWPEKN4GUQNWVKQP
7PKVGF0CVKQPU5GEWTKV[%QWPEKN4GUQNWVKQP
54'5
&GEGODGTJVVRYYYWPQTIGPICUGCTEJXKGYAFQECUR!U[ODQN54'5
CEEGUUGF#RTKN
705%4GUQNWVKQP
705%4GUQNWVKQP
%QWPVTKGUEQPVTKDWVKPIVTQQRUKPENWFG$CPINCFGUJ
%CODQFKC%JKPC+PFKC)JCPC,CRCP-GP[C4GRWDNKEQH-QTGC/QPIQNKC0GRCN4YCPFC
p4GRQTVQHVJG5GETGVCT[)GPGTCNQP5QWVJ5WFCPq/CTEJRCTC
#EEQTFKPIVQVJGTGRQTVQHVJG5GETGVCT[)GPGTCNVJGQDLGEVKXGQHUWEJUWRRQTVYQWNFDGpVQ
GPJCPEGJWOCPTKIJVURTQVGEVKQPOQPKVQTKPICPFTGRQTVKPICPFUWRRQTVVTCKPKPIVQKPETGCUG
VJGRTQVGEVKQPQHEKXKNKCPUWPFGTVJTGCVQHXKQNGPEGGPJCPEGUGEWTKV[CTQWPFRTQVGEVKQPQH
EKXKNKCPUUKVGUCPFRQVGPVKCNCTGCUQHTGVWTPHQTKPVGTPCNN[FKURNCEGFRGTUQPUCPFRTGXGPV
CTDKVTCT[FGVGPVKQPUQTVJGGZEGUUKXGWUGQHHQTEGKPNCYCPFQTFGTOCPCIGOGPVqp4GRQTVQH
VJG5GETGVCT[)GPGTCNQP5QWVJ5WFCPq/CTEJRCTC
*WOCP4KIJVU&WG&KNKIGPEG2QNKE[QP5WRRQTVVQPQP70UGEWTKV[HQTEGU
*4&&2
JVVRYYYQJEJTQTI'00GY;QTM2CIGU4GUQWTEGUCURZCEEGUUGF#RTKN
p4GRQTVQHVJG5GETGVCT[)GPGTCNQP5QWVJ5WFCPq/CTEJ
5GGHQTKPUVCPEG6JGQFQTG/GTQPp*WOCP4KIJVUCPF*WOCPKVCTKCP0QTOUCU%WUVQOCT[
.CYq%NCTGPFQP2TGUU
5GGHQTKPUVCPEG702TKPEKRNGUQPVJG'HHGEVKXG2TGXGPVKQPCPF+PXGUVKICVKQPQH'ZVTC
.GICN#TDKVTCT[CPF5WOOCT['ZGEWVKQPU'EQPQOKECPF5QEKCN%QWPEKNTGUQNWVKQP
QH/C[
JVVRYYYQJEJTQTI'02TQHGUUKQPCN+PVGTGUV2CIGU#TDKVTCT[#PF5WOOCT['ZGEWVKQPUCURZ
CEEGUUGF#RTKNCPF70$QF[QH2TKPEKRNGUHQTVJG2TQVGEVKQPQH#NN2GTUQPUWPFGT
#P[(QTOQH&GVGPVKQPQT+ORTKUQPOGPV)GPGTCN#UUGODN[TGUQNWVKQPQH&GEGODGT
2TKPEKRNGU
CPFJVVRYYYWPQTIFQEWOGPVUICTGUCTJVO
CEEGUUGF#RTKN
+PFGZ#(4
#OPGUV[+PVGTPCVKQPCN/C[
0QYJGTG5CHG
%KXKNKCPUWPFGTCVVCEMKP5QWVJ5WFCP
5GGHQTKPUVCPEG70$CUKE2TKPEKRNGUCPF)WKFGNKPGUQPVJG4KIJVVQC4GOGF[CPF
4GRCTCVKQPHQT8KEVKOUQH)TQUU8KQNCVKQPUQH+PVGTPCVKQPCN*WOCP4KIJVU.CYCPF5GTKQWU
8KQNCVKQPUQH+PVGTPCVKQPCN*WOCPKVCTKCP.CY)GPGTCN#UUGODN[TGUQNWVKQPQH
&GEGODGT
JVVRYYYQJEJTQTI'02TQHGUUKQPCN+PVGTGUV2CIGU4GOGF[#PF4GRCTCVKQPCURZCEEGUUGF
#RTKN
6TCPUKVKQPCN%QPUVKVWVKQP#TV
6TCPUKVKQPCN%QPUVKVWVKQP#TV
6TCPUKVKQPCN%QPUVKVWVKQP#TV
6JGHCEVVJCVQRRQUKVKQPHQTEGUCTGTGRQTVGFN[EQPUKFGTKPIVJGGUVCDNKUJOGPVQH
IQXGTPOGPVCNUVTWEVWTGUKUKPFKECVKXGQHGHHGEVKXGEQPVTQN5GG5WFCP6TKDWPGp5QWVJ
5WFCPGUGTGDGNUVQGUVCDNKUJPCVKQPCNUVTWEVWTGURQMGURGTUQPq#RTKN
JVVRYYYUWFCPVTKDWPGEQOURKRRJR!CTVKENGCEEGUUGF#RTKN
(QTOQTGKPHQTOCVKQPUGG,GCP/CTKG*GPEMCGTVUCPF.QWKUG&QUYCNF$GEMp%WUVQOCT[
+PVGTPCVKQPCN*WOCPKVCTKCP.CY8QN+4WNGUq%CODTKFIG7PKXGTUKV[2TGUU
+%4%
%WUVQOCT[+*.5VWF[
+%4%%WUVQOCT[+*.5VWF[4WNG
+%4%%WUVQOCT[+*.5VWF[4WNGU5GGCNUQ70)GPGTCN#UUGODN[4GUQNWVKQP
::8YJKEJUVCVGUVJCVpRNCEGUQTCTGCUFGUKIPCVGFHQTVJGUQNGRTQVGEVKQPQHEKXKNKCPU
UWEJCUJQURKVCN\QPGUQTUKOKNCTTGHWIGUUJQWNFPQVDGVJGQDLGEVQHOKNKVCT[QRGTCVKQPUq
&GEGODGTJVVRYYYWPQTIFQEWOGPVUICTGUCTGUJVOCEEGUUGF#RTKN
+%4%%WUVQOCT[+*.5VWF[4WNGU
+%4%%WUVQOCT[+*.5VWF[4WNG
+%4%%WUVQOCT[+*.5VWF[4WNGUGGCNUQ2TQVQEQN++#TV
+%4%%WUVQOCT[+*.5VWF[4WNGUCPF
+%4%%WUVQOCT[+*.5VWF[4WNG
+%4%%WUVQOCT[+*.5VWF[RR
+%4%%WUVQOCT[+*.5VWF[4WNGU
+%4%%WUVQOCT[+*.5VWF[4WNG
+%4%%WUVQOCT[+*.5VWF[4WNG
+%4%%WUVQOCT[+*.5VWF[4WNGU
7PKVGF0CVKQPUp6JG5VCVWUQH(QTEGU#ITGGOGPV$GVYGGPVJG7PKVGF0CVKQPUCPFVJG
)QXGTPOGPVQHVJG4GRWDNKEQH5QWVJ5WFCP%QPEGTPKPIVJG7PKVGF0CVKQPU/KUUKQPKP5QWVJ
5WFCP
p51(#qqR
JVVRWPOKUUWPOKUUKQPUQTI.KPM%NKEMCURZ!HKNGVKEMGVIR*:[H.3M&VCDKFNCPI
WCIGGP75CEEGUUGF#RTKN
700GYU%GPVTGp5QWVJ5WFCPJCTCUUOGPVQHUVCHHFTCYUEQPEGTPQH70OKUUKQPq
#RTKN
JVVRYYYWPQTICRRUPGYUUVQT[CUR!0GYU+&%T%T728VAO5[%;
#OPGUV[+PVGTPCVKQPCN/C[
+PFGZ#(4
0QYJGTG5CHG %KXKNKCPUWPFGTCVVCEMKP5QWVJ5WFCP
CEEGUUGF#RTKNp4GRQTVQHVJG5GETGVCT[)GPGTCNQP5QWVJ5WFCPq/CTEJ
RCTC
%TKOGUCICKPUVJWOCPKV[KPENWFGCEVUUWEJCUOWTFGTGZVGTOKPCVKQPTCRGRGTUGEWVKQP
CPFQVJGTKPJWOCPGCEVUQHCUKOKNCTEJCTCEVGTKPVGPVKQPCNN[ECWUKPIITGCVUWHHGTKPIQT
UGTKQWUKPLWT[VQDQF[QTVQOGPVCNQTRJ[UKECNJGCNVJEQOOKVVGFpCURCTVQHCYKFGURTGCFQT
U[UVGOCVKECVVCEMFKTGEVGFCICKPUVCP[EKXKNKCPRQRWNCVKQPYKVJMPQYNGFIGQHVJGCVVCEMq
4QOG5VCVWVGQHVJG+PVGTPCVKQPCN%TKOKPCN%QWTV
4QOG5VCVWVG#%10(,WN[
GPVGTGFKPVQHQTEG,WN[JVVRYYYKEEERKKPVPTTFQPN[TGUCFFCGG
CDGEFEEHTQOGUVCVWVGPIRFH#TV
ETKOGUCICKPUVJWOCPKV[
CEEGUUGF#RTKN
4QOG5VCVWVG
5GG4QOG5VCVWVG#TV
TGURQPUKDKNKV[QHEQOOCPFGTUCPFQVJGTUWRGTKQTU
52.#%QFGQH%QPFWEVEQPVCKPGFKP52.#4WNGUCPF4GIWNCVKQPU
#OPGUV[+PVGTPCVKQPCN+PVGTXKGYYKVJ#PFTGY-WQN&GRWV[+PURGEVQT)GPGTCNQH2QNKEG
,WDC5QWVJ5WFCP/CTEJ
5WFCP6TKDWPGp5QWVJ5WFCP2TGUKFGPV%GNGDTCVGU)QQF(TKFC[YKVJ%CNNUVQ$WT[
&KHHGTGPEGUqJVVRYYYUWFCPVTKDWPGEQOURKRRJR!CTVKENGCEEGUUGF#RTKN
5GGCNUQp2TGUU5VCVGOGPV2TGUKFGPV-KKT%CNNUHQTCP'PFVQ#NN'VJPKE8KQNGPEGq
&GEGODGT
)GP2KGPI&GPI-WQN+PURGEVQT)GPGTCNQH2QNKEG5QWVJ5WFCP0CVKQPCN2QNKEG5GTXKEG
+PVGTPCN1TFGTp5WDLGEV%QOOKVVGGVQKPXGUVKICVGKPVQVJGCNNGICVKQPUNGXGNNGFCUVQ
KPXQNXGOGPVQHUQOGGNGOGPVUQH,QKPV2CVTQNCPFQVJGTQTICPK\GFHQTEGUKPJWOCPXKQNCVKQP
CPFCDWUGUFWTKPIVJGHCKNGFEQWRCVVGORVq,WDC&GEGODGTQPHKNGYKVJ#OPGUV[
+PVGTPCVKQPCN
+DKF
#OPGUV[+PVGTPCVKQPCNVGNGRJQPGEQPXGTUCVKQPYKVJ52.#QHHKEKCN/CTEJ+%)#
%KXKN9CTD[#P[1VJGT0COGR
70/+55p#HVGTPQQP/GFKC/QPKVQTKPI4GRQTVq(GDTWCT[
JVVRWPOKUUWPOKUUKQPUQTI2QTVCNUWPOKUU//4(GD
#HVGTPQQP/GFKC/QPKVQTKPI4GRQTVRFHCEEGUUGF#RTKNUGGCNUQ
4CFKQ/KTC[Cp52.#UQNFKGTUCTTGUVGFHQTCNNGIGFN[ETKOGUEQOOKVVGFFWTKPIVJGETKUKUq
(GDTWCT[JVVRYYYTCFKQOKTC[CQTIPGYUUQWVJUWFCPURNC
UQNFKGTUCTTGUVGFHQTCNNGIGFN[ETKOGUEQOOKVVGFFWTKPIETKUKUJVONIUEVCDCEEGUUGF
#RTKN
#OPGUV[+PVGTPCVKQPCN+PVGTXKGYYKVJ2JKNKR#IWGT52.#5RQMGURGTUQP,WDC5QWVJ
5WFCP/CTEJ
#OPGUV[+PVGTPCVKQPCN+PVGTXKGYYKVJ*GPT[1[C[52.#&KTGEVQTQH/KNKVCT[,WUVKEG,WDC
5QWVJ5WFCP/CTEJ
#UUVCVGFKPVJG70oUWRFCVGFUGVQHRTKPEKRNGUHQTVJGRTQVGEVKQPCPFRTQOQVKQPQHJWOCP
TKIJVUVJTQWIJCEVKQPVQEQODCVKORWPKV[p6JGLWTKUFKEVKQPQHOKNKVCT[VTKDWPCNUOWUVDG
TGUVTKEVGFUQNGN[VQURGEKHKECNN[OKNKVCT[QHHGPEGUEQOOKVVGFD[OKNKVCT[RGTUQPPGNVQVJG
GZENWUKQPQHJWOCPTKIJVUXKQNCVKQPUYJKEJUJCNNEQOGWPFGTVJGLWTKUFKEVKQPQHVJGQTFKPCT[
FQOGUVKEEQWTVUQTYJGTGCRRTQRTKCVGKPVJGECUGQHUGTKQWUETKOGUWPFGTKPVGTPCVKQPCNNCY
QHCPKPVGTPCVKQPCNQTKPVGTPCVKQPCNK\GFETKOKPCNEQWTVqp7RFCVGF5GVQH2TKPEKRNGUHQTVJG
2TQVGEVKQPCPF2TQOQVKQPQH*WOCP4KIJVUVJTQWIJ#EVKQPVQ%QODCV+ORWPKV[q
+PFGZ#(4
#OPGUV[+PVGTPCVKQPCN/C[
0QYJGTG5CHG
%KXKNKCPUWPFGTCVVCEMKP5QWVJ5WFCP
'%0#FF
(GDTWCT[
JVVRYGDECEJGIQQINGWUGTEQPVGPVEQOUGCTEJ!SECEJG2.I2E4ZX
P+,YYYKORWPKV[YCVEJQTIFQEU70A7RFCVGFA2TKPEKRNGUAVQA%QODCVA+ORWPKV[RFHEF
JNGPEVENPMINWMRTKPEKRNG
TGUVTKEVKQPUQPVJGLWTKUFKEVKQPQHOKNKVCT[EQWTVU
CEEGUUGF#RTKN
'[G4CFKQp/GODGTUQHVJG*WOCP4KIJVU#DWUGU+PXGUVKICVKQP%QOOKVVGG5YQTP+Pq
(GDTWCT[JVVRG[GTCFKQQTIOGODGTUJWOCPTKIJVUCDWUGUKPXGUVKICVKQP
EQOOKVVGGUYGCTCEEGUUGF#RTKN
+PXGUVKICVKQP%QOOKVVGGU#EV%JCRVGT+++
55*4%+PVGTKO4GRQTV
55*4%+PVGTKO4GRQTV
#HTKECP7PKQP2GCEGCPF5GEWTKV[%QWPEKN%QOOWPKSWÅ&GEGODGT
25%#*)%1//
%&:+YYYRGCEGCWQTIWRNQCFURUEEQOUQWVJUWFCP
RFHCEEGUUGF#RTKN
2TGUKFGPVQHVJG#HTKECP%QWTVQP*WOCPCPF2GQRNGUo4KIJVUCPF,WUVKEGQHVJG5WRTGOG
%QWTVQH)JCPC
&KTGEVQTQHVJG/CMGTGTG+PUVKVWVGQH5QEKCN4GUGCTEJ7PKXGTUKV[QH/CMGTGTG7ICPFC
#HTKECP7PKQP5RGEKCN'PXQ[QP9QOGPCPF%JKNFTGPKP%QPHNKEVU
%QOOKUUKQPGTQHVJG#HTKECP%QOOKUUKQPQP*WOCPCPF2GQRNGUo4KIJVU$CPLWN)CODKC
CPF#UUQEKCVG2TQHGUUQTQH.CYCV1VVCYC7PKXGTUKV[
#HTKECP7PKQP%QPEGRV0QVGQPVJG'UVCDNKUJOGPVQHVJG%QOOKUUKQPQH+PSWKT[QP5QWVJ
5WFCPJVVRCWKPVGPUKVGUFGHCWNVHKNGU%QPEGRVPQVG
%QOOKUUKQPQH+PSWKT[5QWVJ5WFCP(KPCN8GTUKQP
RFHCEEGUUGF/C[
70/+55+PVGTKO4GRQTV
#OPGUV[+PVGTPCVKQPCNFKUEWUUKQPUYKVJ70/+55UVCHH,WDC/CTEJ
p4GRQTVQHVJG5GETGVCT[)GPGTCNQP5QWVJ5WFCPq/CTEJRCTC
9JKVG*QWUGp'ZGEWVKXG1TFGT$NQEMKPI2TQRGTV[QH%GTVCKP2GTUQPUYKVJ4GURGEVVQ
5QWVJ5WFCPq#RTKNJVVRYYYYJKVGJQWUGIQXVJGRTGUU
QHHKEGGZGEWVKXGQTFGTDNQEMKPIRTQRGTV[EGTVCKPRGTUQPUTGURGEVUQWVJUWFCP
CEEGUUGF#RTKN
#ITGGOGPVQP%GUUCVKQPQH*QUVKNKVKGU
+)#&p/QPKVQTKPICPFXGTKHKECVKQPVGCOUEQOOGPEGQRGTCVKQPUKP5QWVJ5WFCPq
#RTKN
JVVRKICFKPVCVVCEJOGPVUA2TGUUTGNGCUG/8/VGCO%QOOGPEGQR
GTCVKQPUKP5QWVJ5WFCPRFHCEEGUUGF/C[
2TGUKFGPVKCN&GETGG0Q/CTEJ
2TGUKFGPVKCN&GETGG0Q,CPWCT[
1PGQHVJGOQUVJKIJRTQHKNGECUGUKUVJCVQHRQNKVKECNEQOOGPVCVQT+UCKCJ#DTCJCOYJQ
YCUCUUCUUKPCVGFCVJKUJQOGKP,WDCKP&GEGODGT6JGIQXGTPOGPVCPPQWPEGFCTTGUVU
#OPGUV[+PVGTPCVKQPCN/C[
+PFGZ#(4
0QYJGTG5CHG %KXKNKCPUWPFGTCVVCEMKP5QWVJ5WFCP
CPFVJCVKVJCFEQOOGPEGFKPXGUVKICVKQPUDWVPQQPGJCUDGGPJGNFCEEQWPVCDNGHQTVJKU
OWTFGT'CUVCPF*QTPQH#HTKEC*WOCP4KIJVU&GHGPFGTU2TQLGEV
'*#*4&2p%JCPIGYKNN
PQVEQOGWPVKNYGVCNMCDQWVTGCNKV[q6JG%NQUKPI5RCEGHQT*WOCP4KIJVU&GHGPFGTUKP
5QWVJ5WFCP&GEGODGTRJVVRYYYFGHGPFFGHGPFGTUQTIUQWVJ
UWFCPTGRQTVJKIJNKIJVURGTUKUVGPVRCVVGTPCVVCEMUJWOCPTKIJVUFGHGPFGTUCEEGUUGF
#RTKN)GPGTCN/CTKCN0WQT,QMHQTOGT&KTGEVQTQH2WDNKE5GEWTKV[
25CPF%TKOKPCN
+PXGUVKICVKQPU&GRCTVOGPV
%+&YCUCTTGUVGFKP,WN[CPFEJCTIGFYKVJVJG
FKUCRRGCTCPEGQHCPGPIKPGGTECNNGF,QJP.WKUCEEGRVKPIDTKDGURGTOKVVKPIVJGCTDKVTCT[
FGVGPVKQPQHEKXKNKCPUCPFGZVQTVKQPQHOQPG[HTQOVJGO*GYCUNCVGTTGNGCUGFHTQOFGVGPVKQP
CPFEJCTIGUYGTGFTQRRGF+P#RTKNJGYCUPCOGFFKTGEVQTQHOKNKVCT[KPVGNNKIGPEG0Q
QPGJCUDGGPJGNFCEEQWPVCDNGHQTVJGFKUCRRGCTCPEGQH,QJP.WKU5WFCP6TKDWPGp#TTGUVQH
5QWVJ5WFCPoU%JKGH2WDNKE5GEWTKV[1HHKEGT%QPHKTOGFq#WIWUV
JVVRYYYUWFCPVTKDWPGEQOURKRRJR!CTVKENGCEEGUUGF#RTKN4GWVGTU
p'ODCVVNGF5QWVJ5WFCP2TGUKFGPV4GRNCEGU#TO[%JKGHq#RTKN
JVVRWMTGWVGTUEQOCTVKENGUQWVJUWFCPUGEWTKV[KF7-.00))
CEEGUUGF#RTKN
+PFGZ#(4
#OPGUV[+PVGTPCVKQPCN/C[
019*'4'5#('
%+8+.+#0570&'4#66#%-+05176*57&#0
6JQWUCPFUQHEKXKNKCPUJCXGDGGPMKNNGFCPFOQTGVJCPC
OKNNKQPFKURNCEGFUKPEGVJGEQPHNKEVKP5QWVJ5WFCPDGICP
KP&GEGODGT$QVJIQXGTPOGPVCPFQRRQUKVKQP
HQTEGUJCXGVCTIGVGFEKXKNKCPUEQOOKVVGFCEVUQHUGZWCN
XKQNGPEGNQQVGFFCOCIGFQTFGUVTQ[GFOGFKECNCPF
JWOCPKVCTKCPHCEKNKVKGUCPFQDUVTWEVGFVJGFGNKXGT[QH
FGURGTCVGN[PGGFGFJWOCPKVCTKCPCKF
6JGEQPHNKEVJCURKVVGFGVJPKEITQWRUCICKPUVGCEJQVJGT
TGMKPFNKPIWPTGUQNXGFRQNKVKECNCPFJKUVQTKECNVGPUKQPU
RCTVKEWNCTN[DGVYGGP&KPMCCPF0WGT/CP[EKXKNKCPU
KPENWFKPIYQOGPEJKNFTGPCPFVJGGNFGTN[JCXGDGGP
VCTIGVGFKPGVJPKECNN[OQVKXCVGFCVVCEMU6JGJWOCPKVCTKCP
UKVWCVKQPJCUDGGPFGGRN[KORCEVGFD[VJGEQPHNKEVYKVJ
OCP[QHVJGFKURNCEGFUVTCPFGFKPTGOQVGCTGCUYKVJNKVVNG
QTPQCEEGUUVQJWOCPKVCTKCPQTOGFKECNCUUKUVCPEGCPF
HCTOGTUWPCDNGVQRNCPVFWTKPIVJGETWEKCNTCKP[UGCUQP
6JKUTGRQTVKUDCUGFQPHKGNFTGUGCTEJKPVJGVQYPUQH,WDC
$GPVKW$QTCPF/CNCMCN&TCYKPIQPKPVGTXKGYUYKVJ
UEQTGUQHFKURNCEGFXKEVKOUCPFYKVPGUUGUOGFKECNCPF
JWOCPKVCTKCPYQTMGTUCPFIQXGTPOGPVCPFQRRQUKVKQP
QHHKEKCNUVJGTGRQTVUJQYUVJGGZVGPVVQYJKEJCNNRCTVKGUVQ
VJGEQPHNKEVJCXGFKUTGICTFGFKPVGTPCVKQPCNJWOCPTKIJVU
CPFJWOCPKVCTKCPNCY+VEQPVCKPUTGEQOOGPFCVKQPUCKOGF
CVRTGUUWTKPICNNVJGRCTVKGUVQVJGEQPHNKEVVQRWVCPGPF
VJGUGXKQNCVKQPU
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